The Dhaka Metropolitan Magistrate court has issued arrest warrants, canceling the bail of five officials of Transcom Group in three different cases filed by Shahzreh Huq, daughter of the late chairman of the group Latifur Rahman.
The court issued the order on Sunday (25 February) against the Transcom officials as they failed to submit their passports as part of the conditions for bail, Zamirul Islam, the lawyer of the accused, told media.
Shahzreh Huq filed the cases against top officials of Transcom Group and family members over alleged money embezzlement, property grabbing, and illegal transfer of company shares worth more than Tk10,000 crore.
The officials are Md Fakhruzzaman Bhuiyan, executive director for Corporate Affairs and Law at the Transcom Group; Kamrul Hasan and Abdullah Al Mamun, both directors in Corporate Finance; Mohammed Mossadeq, the assistant company secretary, and Abu Yusuf Md Siddik, a manager (company secretary).
They were arrested on 22 February in the three cases filed by Shahzreh Huq with the Gulshan police station. They were granted bail on 23 February in the cases.
Shahzreh Huq also sued her elder sister Simeen Rahman, Transcom Group CEO, and mother Shahnaz Rahman, chairman of the group, and Simeen's son Zaraif Ayaat Hossain, Transcom's head of Strategy and Transformation.
According to the case documents, Simeen and her accomplices tried to illegally acquire around Tk10,000 crore worth of property of her father Latifur Rahman through fabricated deeds of settlements.
When contacted several current and former Transcom employees, as well as acquaintances of Latifur Rahman's family disclosed that Simeen Rahman, with her dedication and business acumen, gained her father's trust and was groomed to lead the conglomerate before his passing in 2020. Conversely, Shahzreh Huq and her late brother, Arshad Waliur Rahman, displayed less interest in the family businesses, focusing more on personal endeavors.
According to insiders, Simeen Rahman, supported by her mother, acquired an additional 18% stake in Transcom Limited, leading Shahzreh Huq to claim that this allocation was unfair and not agreed upon by all heirs. Additionally, Shahzreh accused her mother of misappropriating Tk100 crore from Latifur Rahman's estate, alleging that a significant portion was used to purchase Transcom shares, benefiting Simeen Rahman.
Legal representatives for Transcom argued in court that Shahzreh Huq had previously acknowledged the inheritance she received and had complied with tax obligations accordingly, contradicting her current claims of fraudulence.
The conflict within the Transcom family is not recent but has been brewing for years, exacerbated by familial tragedy and differences in business involvement. Efforts to resolve the dispute, especially after the death of Arshad Waliur Rahman, have been unsuccessful, leading to Shahzreh Huq's pursuit of her perceived rightful inheritance.
This legal dispute underscores deep-seated familial divisions and highlights the complexities of succession and inheritance within the group. With key figures embroiled in legal proceedings, the long-term stability of the group remains uncertain.
Transcom Group, established by Latifur Rahman in 1972, has evolved into a prominent player in various sectors, partnering with international brands such as Philips, Pepsi, and Nestle. However, despite its historical significance, the group faces challenges in maintaining competitiveness amidst a rapidly evolving economic landscape in Bangladesh.
